Barclays’ share price dipped slightly, even after the company posted strong quarterly results. The stock fell by about 0.70% on Thursday, trading at 196p.

Like other major Wall Street banks, Barclays reported a significant boost in profits as the global economy continues to recover. The company earned about $2 billion in net income for the three months ending in September, a sharp increase from the 611 million pounds it reported for the same period in 2020.

Most of this growth came from its investment banking division, where profits soared by 85% to 1.16 billion pounds. In the UK, profits rose to over 317 million pounds, partly due to the company releasing some funds from its reserves.

Barclays isn’t the only bank reporting strong results. Last week, other major players like JP Morgan, Goldman Sachs, and Morgan Stanley also saw strong earnings, mainly driven by their investment banking divisions.

So far this year, Barclays’ share price has risen by 35%, largely influenced by investor expectations around monetary policy. With inflation on the rise, interest rates in key markets like the UK are expected to increase.

In a recent article, I predicted the stock would climb to 200p. The daily chart shows that Barclays’ share price has been in a strong upward trend for the past few months. Recently, the stock broke through a key resistance level at 190p, which was the highest level back in April. It’s also holding above both the 25-day and 50-day moving averages.

Currently, the stock appears to be in a “break and retest” phase, where it revisits a significant support or resistance level it previously surpassed.

There’s a good chance the stock could retest the 190p support level before continuing its bullish trend. If it does, the stock could push toward the important resistance level at 250p. However, if it falls below 175p, that would invalidate the bullish outlook.